5 Ways for Seniors to Save Money on Home Insurance

This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.

Discover key ways seniors can save on home insurance. Here’s how to unlock discounts for big savings. [[{“value”:”

Navigating the waters of home insurance as a senior can feel a bit like trying to make a gourmet meal out of leftovers. You know there’s potential there, but how do you unlock it without ending up with something that resembles a kitchen disaster? Fear not! With a sprinkle of savvy and a dash of know-how, seniors can save a bundle on home insurance. Let’s dive into the smorgasbord of options.

1. Chat up your insurance agent and ask for senior discounts

Don’t underestimate the power of a good chat. Your insurance agent can be your ally in uncovering hidden discounts. For instance, some insurers offer a “mature homeowner discount,” which could save you 10%-25% if you’re over 55 and retired. That’s a saving you wouldn’t want to miss, all from just picking up the phone.

Many insurers offer senior discounts. For example, a 10% discount for seniors over 65 could mean an annual saving of $120 on a $1,200 policy. It’s a simple acknowledgment of your experience and stability, translating into direct savings for you.

2. Bundle and save

Bundling home and auto insurance can lead to an average of 16% savings. It’s like hitting two birds with one stone. If you’re paying $1,200 a year for home insurance and $1,000 for auto insurance, a 16% savings on the bundled cost could reduce your total payment to $1,848, saving you $352 annually.

3. Increase your deductible

Raising your deductible from $500 to $1,000 could reduce your premium by up to 7%. Raise it to $2,000 and you could save 16%. If you’re comfortable with a higher out-of-pocket cost in the event of a claim, this could lead to significant savings. On a $1,200 policy, that’s up to $192 back in your pocket each year.

4. Make your home disaster-ready and safer

Fortifying your home against natural disasters might involve some upfront costs, but the long-term savings on insurance can be substantial. For example, upgrading to storm-resistant roofing can reduce premiums by 5%-35%. On a $1,200 policy, that’s a $60 to $420 yearly savings, plus the added peace of mind.

Also, adding security features to your home makes you feel safer and can lead to discounts. For instance, installing a burglar alarm or a monitored security system could lower your premium by up to 20%. On a $1,200 policy, that’s a potential saving of $240 every year.

5. Shop around

Comparison shopping can reveal significant price differences between insurers. A study found that premiums can vary by more than $1,000 annually for similar coverage. Spending a little time getting quotes can lead to substantial savings. Just a 10% lower rate from shopping around could save you $120 on that hypothetical $1,200 policy.

Armed with these strategies and a bit of determination, seniors can find multiple ways to reduce their home insurance costs without compromising on coverage. It’s about being proactive, asking the right questions, and making informed choices. With these tips, you can ensure your retirement savings go toward enjoying your golden years rather than overpaying for insurance.

Our picks for best homeowners insurance companies

There are many homeowners insurance companies to choose from. We’ve researched dozens of options and short-listed our favorites here. Looking for a green build discount or easy bundle policies? Want an easy-to-use interface? Read our free expert review and get a quote today.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More